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Particular benefits: bicycles:

Discussion in 'Lifestyle' started by iQi, Feb 26, 2014.

  1. iQi

    iQi New Member

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    Particular benefits: bicycles: simplified approach to valuing cycles sold to employees after end of loan period.

    As explained in EIM21664, employers commonly choose to provide the benefit of a loaned cycle in conjunction with salary sacrifice arrangements. It is common for cycles provided under salary sacrifice arrangements to be sold or transferred to employees after the end of a period of loan. The exemption for certain loaned cycles will be prevented from applying if any agreement builds in from the outset an automatic transfer of ownership to the employee at the end of a loan or hire period (see EIM21667). However, where this is not the case, there is no contradiction in an earlier exempt loan being followed by a decision by the employee to buy the cycle.

    http://www.hmrc.gov.uk/manuals/eimanual/eim21667a.htm

    P.S For those who ride a bicycles to work, busy city ... such as London ...etc.
     

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